Asian index-linked insurance survey: Entering a new era of diversification and customisation

Life insurers across Asia are reassessing how index‑linked insurance products are designed and delivered. This joint survey by AsianInvestor and FTSE Russell explores how insurers and distributors across Asia are responding to shifting customer expectations, more complex market cycles and a changing regulatory environment.

Drawing on insights from market participants, the research highlights growing demand for diversified, outcome‑orientated index solutions that extend beyond traditional single‑asset benchmarks.

Key takeaways:

• Index‑linked insurance is moving from concept to execution, with a meaningful proportion of insurers either having launched products or actively developing them
• Demand is increasingly centred on smoother performance across market cycles, rather than maximising short‑term returns
• Multi‑asset and risk‑controlled index approaches are gaining traction as insurers seek more resilient building blocks for product design
• Product differentiation, flexibility and alignment with evolving regulatory frameworks are becoming central to competitiveness

Points of differentiation:

This research provides an applied perspective on how indices are being used within index‑linked insurance product development.

• Draws on input from insurers and distributors actively involved in product design and implementation
• Focuses on index use cases, rather than market growth narratives
• Highlights the shift from traditional benchmarks towards customised, rules‑based index solutions
• Explores the role of multi‑asset and risk‑management approaches in supporting more consistent outcomes
• Considers index design in the context of regulatory expectations, long‑term resilience and customer suitability

What does our research mean for investors?

The research illustrates how insurers are increasingly using diversified and risk‑managed index approaches to support index‑linked insurance solutions. For institutional investors, this underscores the growing importance of robust, rules‑based indices designed for long‑term use, regulatory alignment and more consistent outcomes across market cycles.